Our strengths Youngest and most uniform fleet Full tow capabilities aligned to market demand True Arctic capabilities and experience Competitive broadband and processing offerings Reputation for outstanding data quality 4
Where is the business cycle Oil price has dropped to its lowest since 2009 Resultant pressure on margins across E&P industry Oil companies driving cost savings on exploration spend Consequence will be a challenging market through…
On course to navigate 2015 Solid backlog providing good visibility for 2015 Continued outstanding operational performance Cost management program in place and delivering results Data processing capabilities driving new revenue…
Increased headroom on DSR covenant LTM EBITDA Required EBITDA Required EBITDA from operations Amendment of debt service ratio (DSR) covenant 198 197 183 1.60x from Q4 2014 192 187 1.75x from Q2 2015 172 2.00x from Q4 2015 151…
Initiatives to drive profitability Expanding global presence enhancing revenues Developing new revenue streams improving bottom line Organizational streamlining and cost reductions USD 35m cost management Supply chain…
Industry leading assets Youngest and most uniform 3D fleet with specialized Arctic capabilities A-Class 12 - 14 streamers Industries highest ICE class N-Class Polarcus Naila upgraded in H1 14 12 streamers Equivalent capabilities…
Fleet delivering outstanding performance Vessel locations 04 January 15 Strong operational performance across the fleet in 2014 fleet technical downtime: 2.2% Polarcus Adira Polarcus Nadia 8 x 160m x 10,050m 10 x 100m x 8100m…
Industry global 3D fleet outlook: 2014 - 2016 Year No. Vessels Company Vessel Streamer capacity 2013 Year end 65 664 1 PGS Ramform Atlas 16 1 Dolphin Sanco Sword 12 Net fleet reduction of 3% 1 Western Geco Amazon Warrior 16 1…
Polarcus towing configurations optimally positioned Towing configurations are primarily defined by geology 95% of the global fleet towing 12 streamers or less Snapshot of current industry towing configurations (company averages)…
Integrated broadband processing solutions New service line launched Q4 2014: fast-track broadband processing revenue stream Managed and staffed by Polarcus geophysicists, powered by DUGs advanced processing software Delivering…
Arctic and environmental strategies paying off 60% of the global high ICE-Class fleet is operated by Polarcus in 2015 Demand for safe & efficient seismic exploration will continue to increase in Environmentally Sensitive Sea Areas…
Well positioned multi-client data library Liberator; 2013 High quality broadband data library over Pending 28th Round Second Tranche prime exploration acreage: GDF 30/01a-11; 2011 UK North Sea Ireland Atlantic Frontier…
Multi-Client in 2015 Multi-Client library assets at end Q3 Strengthened multi-client team with expert New Multi-Client Projects geoscience capabilities to assess global project opportunities 4m Sustained focus on multi-client core…
Industry activity Received contract tenders in USD million (As of end Dec) 450 Millions Limited tender activity observed early in Q4 14; increasing in December 400 350 Tenders continue to be competitively 300 contested…
USD 320m backlog: 2015 55% booked Q1: 85% Q2: 50% Q3: 65% Q4: 25% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Bareboat Booked Yard Standby 21
Solid backlog of USD 320 million Cost management program implemented and improving profitability Maintaining strong operational performance with low technical downtime Navigating a challenging market environment 23
Appendices 24
Polarcus in brief Polarcus Limited Ticker Oslo stock exchange PLCS Fleet of 7 high-end 3D seismic vessels 6 vessels operating globally in Contract and Multi-Client markets Shares issued, million 669,8 1 vessel on 5 year bareboat…
Key financials Quarter ended Nine months ended Year ended (In millions of USD) 30-Sep-14 30-Sep-13 30-Sep-14 30-Sep-13 31-Dec-13 Revenues 114.3 133.7 373.4 408.9 532.2 Cost of sales (62.8) (69.9) (217.9) (227.4) (293.1) EBITDA 43.4…
Income statement Quarter ended Nine months ended Year ended (In thousands of USD) 30-Sep-14 30-Sep-13 30-Sep-14 30-Sep-13 31-Dec-13 Revenues Contract revenue 98,370 129,746 346,848 385,266 496,422 Multi-client revenue 13,329 3,305 23,460…
Balance Sheet (In thousands of USD) 30-Sep-14 30-Sep-13 31-Dec-13 ASSETS Non-current Assets Property, plant and equipment 945,486 983,504 972,802 Multi-client project library 114,922 85,095 88,704 Investment in joint ventures 2,475 2,533…
Cash flow Quarter ended Nine months ended Year ended (In thousands of USD) 30-Sep-14 30-Sep-13 30-Sep-14 30-Sep-13 31-Dec-13 Cash flows from operating activities Profit/(loss) for the period (8,878) 19,926 1,288 36,065 43,466 Adjustment…
Debt overview as of 30 September 2014 Balance Debt Security Size Tenure Maturity Interest % 30 Sep 2014 Unsecured bond Unsecured NOK 350m NOK 350m 5 years Jul-19 7.73% Unsecured bond Unsecured NOK 230m NOK 185m 3 years Nov-14…
Improved financial flexibility Debt maturity profile Q3 2014 Extended maturity and reduced cost Bank debt Sale leaseback USD 125m CB New NOK 350m bond issued and swapped USD 95m bond NOK 230m bond NOK 350m bond to USD floating…
Awards through RIGHTDESIGN DYNPOS-AUTR Systems redundancy CLEAN DESIGN IMO Green Passport with DP2 High specification Triple E exhaust catalysts Environmental & Energy Efficiency Sentinel solid streamers ULSTEIN X-BOW…
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